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An IRS Warning Report for Doctors and All Citizens
[No Lame Excuses]
By Staff Reporters
This IRS report responds to some of the more common frivolous “legal” arguments made by individuals and groups who oppose compliance with the federal tax laws.
Three Parts
The first section groups these arguments under six general categories, with variations within each category. Each contention is briefly explained, followed by a discussion of the legal authority that rejects the contention.
The second section responds to some of the more common frivolous arguments made in collection due process cases brought pursuant to sections 6320 or 6330. These arguments are grouped under ten general categories and contain a brief description of each contention followed by a discussion of the correct legal authority.
A final section explains the penalties that the courts may impose on those who pursue tax cases on frivolous grounds. It should be noted that the cases cited as relevant legal authority are illustrative and are not intended to provide an all-inclusive list relating to frivolous tax arguments.
Link: http://www.irs.gov/taxpros/article/0,,id=159853,00.html
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Filed under: Taxation | Tagged: federal tax laws, IRS, Tax Arguments |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Majority Leader Calls for 25% Tax Rateo
In a speech on March 21, Majority Leader Eric Cantor (R-VA) proposed both a reduction in the corporate tax rates and repatriation of corporate overseas funds at favorable rates.
Leader Cantor notes that the American corporate tax rates are “50% higher than even those in Europe.” In his view, the international competition by multi-national companies has encouraged most European countries to reduce their corporate tax rates below those of the U.S. He suggests that, “We must make America competitive again by lowering the corporate tax rate to at least 25%.”
The proposed corporate tax rate would be accompanied by comprehensive tax reform. In addition, Leader Cantor notes that there is “almost $1.2 trillion in overseas profits” that American companies are not returning to America due to the tax rate. He proposes that these funds be allowed to return to America at a lower tax rate.
Treasury Assistant Secretary for Tax Policy Michael Mundaca responded to the proposal on behalf of the White House. He noted that the American Jobs Creation Act of 2004 included a tax holiday to allow corporations to return overseas funds to America. In his view this act “did little to generate new jobs and investment and resulted in billions in lost revenue.” He suggested that the U.S. companies have “ready access to cash” that has been accumulated overseas. He doubts that a favorable tax rate for returning funds to America “will unlock new investment and job creation.”
Source: Children’s Home Society of Florida Foundation
Editor’s Note: Both the Senate Finance Committee and the House Ways and Means Committee are holding hearings on major tax reform. It is possible that there will be a comprehensive deficit reduction package with a tax reform component. While it is quite challenging for Congress to tackle both issues at the same time, several commentators suggest that major changes in taxes and spending can only occur in a combined package.
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